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Studio Products

What is the difference between a Yoga Studio Insurance Policy and an Individual Yoga Instructor Policy?

An Individual Instructor Policy provides coverage for you at the various locations where you teach. A Studio Policy provides coverage for the studio including coverage for the actions of instructors on behalf of the studio.

Are there payment or installment plans available? For a Studio there are financing and or payment plans available. For an Individual Policy there are no installment plans available given the low yearly premium.

Is coverage bound when I submit my application? In some cases studios may be bound and directly billed by the carrier.

What is the application process? Please fill out the carrier’s secure application and submit it to us along with the required payment for the level of coverage selected.

Will my policy automatically renew?

No, your policy will not automatically renew. Prior to your renewal date (policies are one year in length) prior to expiration we will contact you to renew your policy. Once we receive your renewal premium payment and required forms we will process your renewal policy and certificate of insurance.

Is Acro Yoga a covered modality by this policy?

No, but we have a supplemental policy that is available to cover Acro-Yoga. Most carriers do not cover Acro-Yoga, but we have a solution to this gap in your coverage. Please call us at 610-446-5059 to obtain a quote.

How soon will I get my new policy declarations and certificate of insurance once I submit my application and payment?

Once we have received your application and payment and the carrier has approved your application you will receive your new policy documents and certificate of insurance and your coverage will be bound immediately.

What if I have a claim or think there is the potential for a possible claim?

Please call our office at 1-610-446-5059 to report the event as soon as possible and we will walk you through the process.

If I need a new certificate of insurance for a client or studio where I teach whom should I contact?

Please e-mail us at info@YogiChuck.com or call us at 610-446-5059 and ask for Todd Hall or Chuck Peterson and we will send you a new certificate of insurance as soon as possible. If your client or studio requires proof of coverage please let us know and we will send them one on your behalf right away.

Can I cancel my policy mid-term and obtain a refund?

A Studio Policy can be cancelled mid-term and depending on the carrier you might be entitled to a refund. Please call us if you sell your studio to obtain information on the refund terms of your policy.

What is your privacy policy?

We are extremely sensitive about the privacy of our clients and take this responsibility seriously. Please ask us about our privacy policy if you have additional questions. We have trained our employees to uphold our privacy policies. They have access only to the information about our clients this is required to perform their jobs effectively.

Acquisition Information

We do not acquire any more client information than is required by the carrier for the application for coverage or is required to provide superior service.Do you have a sample waiver form? Please e-mail us at info@YogiChuck.com to obtain sample waiver. Please consult your attorney for all legal advice.

Do you offer health coverage?

Yes, please e-mail us at info@YogiChuck.com or call us at 610-446-5059 to obtain quotes.

Instructor Products

What is the difference between a Yoga Studio Insurance Policy and an Individual Yoga Instructor Policy?

An Individual Instructor Policy provides coverage for you at the various locations where you teach. A Studio Policy provides coverage for the studio including coverage for the actions of instructors on behalf of the studio.

What is the cost of Individual Instructor's Insurance?

The standard insurance premium for individual instructors is $161 per year. If you usually teach less than 6 hours a week, the premium is $106 a year.

What limit of coverage should I choose and what does the limit mean?

We recommend you purchase the highest limit of coverage available ($2 million each occurrence / $4 million aggregate). However, if cost is a factor lower limits are available starting at $500,000 each occurrence / $1.5 million aggregate). The limit of coverage is the most that will be paid including defense costs in the event you have a covered claim for general and or professional liability. This means if you are sued by a client you will have coverage up to the limit of coverage you select. If you are sued for more and found liable, you could be underinsured and a personal lien or judgment could be filed against you.

What is the difference between a Certificate Holder and a certificate holder who requires to be listed as an Additional Insured?

A Certificate Holder is someone who is provided with a summary of your insurance coverage and notified in a timely manner if you cancel your coverage. An Additional Insured is an entity or individual who is afforded coverage on your policy in the event that you have a claim and they are also brought into the claim. The Additional Insured is able to seek protection and defense under your policy limits. Please note that this could drain or reduce your policy limits.

Is there a fee to add an Additional Insured to my policy?

No, you can add up to 4 Additional Insureds to your policy for free.

Are there payment or installment plans available?

For a Studio there are financing and or payment plans available. For an Individual Policy there are no installment plans available given the low yearly premium.

Glossary of Terms

Accounts Receivable - Insures against loss of revenue when debts cannot be collected because accounts receivable records are destroyed by an insured peril. This can include all sums due to the insured from customers, providing you are unable to effect collection as a direct result of a covered loss or damage to records of accounts receivable. Coverage commonly includes any extra expenses to recapture or reconstruct records, and payment of interest on loans needed to cover the interim period reduction in collections. Insurance may be arranged to cover electronic records as well as paper.

Aggregate limit of liability - An insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period, e.g., a year or for the entire period of the contract. Sometimes called "annual aggregate limit."

Building Coverage - Insures the structure of the place of business and includes the building, and permanently installed equipment and fixtures. It does not include the value of the land. As such, the building coverage limit will not match a bank mortgage appraisal. Building coverage limits are a function of the construction type, age, and total square footage of the building, among other things. The intent of the coverage is to provide the financial means to reconstruct the building and its fixtures.

Business Income/Business Interruption - Insurance protecting the income/earnings derived from your business activities if you suffer a business closure or must operate at a reduced level because of a fire or other covered peril. For the purpose of this insurance coverage, “earnings” are defined as the actual loss sustained as a direct result of business interruption necessitated by damage or destruction of real or personal property. The damage or loss must be caused by covered perils. “Business income“ is defined as the sum of total net profit, payroll expense, taxes, interest, rents, and all other operating expenses. The amount of coverage provided is established on the basis of either the limit of insurance and applicable coinsurance %, or the actual loss sustained (see separate definition) for the period of business interruption.

Claims Made Form - A type of Commercial General Liability insurance form that responds only to claims for injury or damage that are reported to the insurer during the policy period (or during a designated extended reporting period beyond expiration). The creation of this type of coverage was in response to “long tail” claims, such as those related to asbestos exposure, carrying over many years and multiple layers of coverage limits. Contrast this with coverage provided on an “occurrence” basis, covering injury or damage occurring during the policy period even if a claim is brought months or even years later.

Coinsurance - An arrangement by which the insured, in consideration of a reduced rate, agrees to carry an amount of insurance at least equal to a specified percentage of the total value of the property insured. Typically, an insured guarantees to carry insurance up to 80% or 90% of the value of their building and/or contents, whatever the case may be. If the building and/or contents values are found to be inadequate at the time of a covered loss, the insurer pays claims only in proportion to the amount of coverage that was carried.

Commercial General Liability (CGL) Policy- A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability. The CGL policy was introduced in 1986 and replaced the "comprehensive" general liability policy.

E & O (Also known as Errors & Omissions, Professional Liability, or Malpractice) - E & O coverage is a type of professional liability insurance protecting the insured against claims caused by the alleged professional or technical incompetence of the insured. Many businesses have professional liability exposures. Some common examples of course include doctors, yoga instructors, accountants, insurance agents, real estate agents, etc. but E & O is also an important coverage for many other types of businesses that could be sued for alleged professional or technical incompetence. Professional liability claims are specifically excluded by most General Liability policies.

Legal Liability / Damage To Premises Rented To You (Also known as “Fire Legal” or “Fire Damage”) - Protects you for damage caused by fire to property you lease or rent caused by your negligence. General Liability policies typically exclude damage to property in your care, custody or control, therefore this coverage is needed if you lease or rent a building. Often you’ll find that only the minimum $100,000 - $300,000 limit that automatically comes with the policy is included. Obviously, this can create a large coverage gap. For example, if the insured is occupying a 10,000 square foot building with an estimated replacement value of $100 per square foot, then the actual exposure is $1,000,000. An automatic limit of $100,000 leaves a $900,000 coverage gap!

Hired Auto Liability - Extends liability coverage for vehicles rented or leased in the business name. It does not provide collision or comprehensive coverage on rented vehicles (see separate discussion on Hired Auto Physical Damage). Hired Auto Liability can replace or augment the liability coverage offered by auto rental agencies. Coverage is provided to protect the company, not the employee driving the rented vehicle. Coverage is “excess” over the personal auto liability coverage carried by the driver of the vehicle.

Hired Auto Physical Damage - Provides your company with physical damage coverage similar to comprehensive & collision in the event that a vehicle you rent or leased is damaged. A Hired Auto is a non-owned auto that is borrowed, rented, or leased by the insured.

Insurance - A contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils). The term "assurance," commonly used in England, is considered synonymous with "insurance."

Lease Agreements - Provides coverage for a tenant holding a favorable lease in the event the tenant’s lease is terminated or canceled as the result of direct physical damage to the premises from a covered cause of loss. Leasehold Interest provides coverage for an insured tenant’s interest in a favorable lease under which the rent paid is less than the market value of alternative premises. The coverage pays the difference between rent paid and the rental value for the remainder of the lease. For example: Let’s assume that you hold a favorable lease with 36 months remaining. The lease is favorable because your rate is $10,000 per month whereas the going market rate for a similar facility would be $15,000. This creates a significant exposure if your lease were terminated - 36 months x $5000 (the difference) = $180,000. Leasehold Interest provides coverage for this exposure.

Medical Payments - A general liability coverage that reimburses others, without regard to the insured's liability, for medical or funeral expenses incurred by such persons as a result of bodily injury or death sustained by accident under the conditions specified in the policy.

Named Insured - The entity (an individual or firm) specifically named as insured in the insurance contract. Found on the Declarations Page of the policy, but also a separate Named Insured endorsement may be issued when the named insured is lengthy. The named insured is the entity with whom the insurance contract is made, and whose interests are protected under the policy. More than one entity may be designated as the named insured.

Non-Owned Auto Liability - Covers your company if sued as a result of an auto accident that you or one of your employees has in a personal vehicle (not owned by your company) while using that vehicle on company business. Common examples of this exposure are: you send an employee to pick up lunch; your bookkeeper drives to the bank to make a deposit; an employee runs some other sort of misc. errand to pick up or deliver supplies, parts, etc. This coverage does not protect the employee (his or her personal auto policy does that); rather this coverage protects your company. Further, this coverage is excess over the personal auto liability coverage carried by the employee.

Non-Owned Auto Damage - Provides primary physical damage coverage to the vehicles of employees using their personal vehicles on company business. Non-Owned Auto Liability only provides liability coverage, and only to your company. Non-Owned Auto Physical Damage plugs this gap, i.e., it provides coverage to the employee’s vehicle were it to become damaged in the course of using that vehicle on company business.

Occurrence - In a commercial general liability coverage form, an accident, including continuous or repeated exposure to substantially the same general harmful conditions. General liability policies insure liability for bodily injury or property damage that is caused by an occurrence

Occurrence Form - Usually found in various types of liability policies, a broader method of determining whether coverage is available for a specific claim than the more restrictive “claims made” form. Under an occurrence form, as long as a claim arises from an event occurring during the policy period, a carrier is responsible for coverage (subject to the policy exclusions) regardless of when the insured submits the claim. As long as the event occurred during the policy period, the claim will be covered even if it is submitted after policy expiration.

Replacement Cost - Provides coverage on the basis of full replacement value without deduction for depreciation, subject to other Property policy terms such as any deductible, or any coinsurance clause. Replacement Cost is often applied to various Property subjects of insurance such as Building, Business Personal Property, and other property coverage. Replacement Cost is superior to the other commonly found valuation clause (Actual Cash Value).

Sexual Abuse/Molestation Coverage- A provision found within professional liability policy forms written for professionals that includes coverage for claims alleging sexual abuse. Moreover, some versions of this provision also state that coverage to defend against allegations of sexual abuse is provided.

Special Perils - Also known as “All Risk” - A “peril” is the cause of a damage or loss. Special perils, (formerly and sometimes still referred to as “All Risk”), is the most comprehensive form of property insurance perils available, and can be purchased either including or excluding the peril of theft. Unlike a named perils form which specifically lists the perils that are covered, a special perils form provides coverage against risk of direct physical loss unless specifically excluded by the policy.

Umbrella Form - A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies, and employers’ liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption, by the named insured, of a self-insured retention.

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